Political Quotes

“Mr. President, I want to thank the Senator from Connecticut for his work today in defending the Consumer Financial Protection Bureau and highlighting again the importance of this work from CFPB to help level the playing field just a little between the billionaire banks and our hard-working servicemembers and families that are living paycheck to paycheck. I also want to thank Senator Booker for coming here and talking today about how people from New Jersey have been directly affected by overdraft fee abuses and appreciate his work on this. President Trump and Republicans promised the Americans that they would lower their cost of living. Instead, they are now linking arms with some of the biggest banks in the country to impose billions of dollars in fees on working families. Today, Republicans are voting to overturn a CFPB rule that prevents big banks like Bank of America, JPMorgan Chase, and Wells Fargo from saddling customers with hundreds of dollars in overdraft fees when a customer overdraws a checking account by only a few dollars. Let's be clear: This rule covers only the biggest banks, those with more than $10 billion in assets. Community banks are completely exempt from this. All this rule does is ensure that overdraft fees are reasonable. Under the rule, banks are allowed to recoup all of their costs and all of their losses associated with providing overdraft. That is, typically, under $5, which is why the CFPB's rule generally caps overdraft fees at $5.…”